What is Long Term Care?
Long term care provides assistance to people who need help over an extended period of time with the activities of daily living: bathing, dressing, eating, toileting, continence or transferring. It also provides care for people with cognitive impairment, such as Alzheimer?s disease.
Who needs long term care?
Current statistics show that one out of two women and one out of three men will need nursing home care at some time in their lives. This need for long term care can occur at any age. Though nearly half of the people needing long term care today are over 65, disabled people between the ages of 18 and 64 can make up to 40 percent of Americans needing long term care.
What is the cost?
One year in a nursing home can cost between $30,000 and $80,000, depending on locale and level of care provided. Generally, costs are greater in larger metropolitan areas. The average cost nationwide is $40,000 a year, with an average stay of 2.7 years. Home health care averages $12,000 a year, but can vary greatly depending on the level of care, frequency, and duration. Fifty percent of the people who enter nursing homes deplete their savings within six months.
And the cost is expected to rise significantly, due to inflation and the increasing demand from aging Baby Boomers. The number of people aged 65 to 84 is expected to increase 80 percent between 2010 and 2030, and the number over age 85 will grow 48 percent. As your life span increases, so does the probability of needing long term care. |
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Long Term Care